284 factories in the Emirate of Abu Dhabi recorded 6490 exports abroad, amounting to 17.8 billion dirhams during 2019.
According to Emirates News Agency, Rashid Abdul Karim Al Balushi, Undersecretary of the Department of Economic Development in Abu Dhabi, said that the Kingdom of Saudi Arabia came the most important non-oil commodity foreign trade partners to Abu Dhabi with a total of 4 billion and 935 million dirhams, then the United States of one billion and 278 million, followed by China with one billion and 162 million in Kuwait and Japan on Respectively, with 933 million dirhams and 844 million.
This came during the signing of a partnership agreement between the Department of Economic Development in Abu Dhabi represented by the Industrial Development Bureau and the Union for Export Credit Company in the presence of Massimo Valesioni, CEO of the Union for Export Credit and a number of officials in the department with the aim of providing solutions to protect commercial credit for the exports of industrial sector companies registered in the Emirate of Abu Dhabi, including It enhances its competitive position and the growth of its contribution to the Emirate's GDP.
The agreement aims to increase the contribution of the manufacturing industries to the gross domestic product of the Emirate of Abu Dhabi, support the external exports of the emirate, support the local product, enable the industrial sector, enhance its partnership with the public sector, as well as enhance the level of protection of private sector companies ’dealings with external markets, secure exports of the local product to the emirate in external markets, and promote Domestic supply chains.
The Undersecretary of the Department of Economic Development in Abu Dhabi stated that the 281 factories to obtain commercial credit protection solutions have to be met in the targeted factories within the agreement to have a good financial worth and take into account in their production to meet international manufacturing standards in addition to the passage of two years since the factory’s production since its inception. It would have a positive impact on the growth of exports of these factories and national companies.
He pointed out that the agreement aims to grow the proportion of exports to double to more than 35 billion dirhams during the term of the agreement ... while Abu Dhabi is constantly working to create an economy based on knowledge and enhance the global competitiveness of the UAE in addition to its contribution to increasing the volume of national non-oil exports in line with With Emirates Vision 2021, Abu Dhabi Economic Vision 2030 and UAE Centennial 2071, in line with the long-term goals of Etihad Export Credit Corporation.
He said that this agreement allows factories to benefit from a wide range of innovative commercial credit solutions offered by the Union Export Credit Company, which helps to promote trade and investment and advance sustainable economic development in the UAE.
The Undersecretary added that the industrial sector plays a pivotal role in the economic development process of the Emirate of Abu Dhabi. Therefore, through the pivotal and head role of the Industrial Development Bureau, we attach special importance to supporting factories and local companies and helping them to open new markets and urge them to export their products and services ...
